I think I may need to complete a Gift Tax Return (Form 709). I'm not seeing it as an option on Turbo Tax. Would I need to submit that separately?
I looked it up on the IRS website but I'm not able to determine if I need to submit one. It says no return is needed if "all the gifts you made were of present interests." What does that mean? Is helping someone with rent considered a "gift"?
Also, it's my understanding that it doesn't necessarily mean I would be taxed on an individual year's gift (if it exceeds $16K) but rather it goes to the lifetime gift total of $12MM. Is that correct?
Thanks so much for your help with this!
